Updates, advisories and surprises

(2:45 PM ET) BOSTON (MarkeWatch) -- In a note to investors Friday, Leerink Swann analyst Joseph Schwartz said that the current sell-off of shares of Human Genome Sciences
HGSI
was "overdone." Investors pushed down shares of the biotech group by almost 8% to $21.28 Friday on concerns that quarterly sales of the company's new lupus drug Benlysta were weaker than expected. "We believe today's Human Genome stock weakness is overdone, misplaced and likely a knee-jerk reaction to the headline 'miss' last night after the close," wrote Schwartz. "In fact including $1.2 million stocking, as some companies would report the numbers, Benlysta sales (plus deferred sales) actually beat expectations. We think the numbers going forward are very achievable and would use weakness as buying opportunity," Schwartz added.

Molina Healthcare down 9% on earnings report

(1:16 PM ET) LOS ANGELES (MarketWatch) -- Shares of Molina Healthcare
MOH, +10.93%
tumbled by more than 9% Friday, a day after the managed-care provider reported second-quarter earnings that, upon closer examination, were more of a miss than first thought, according to analysts. Molina said net income was $17.4 million, or 38 cents a share, compared with $10.6 million, or 27 cents a share, for the same period a year ago. Revenue was $1.17 billion against last year's $999.3 million. Some analysts said a few items noted deep within the company's earnings release that boosted earnings amounted to one-time gains. The analysts said the figures indicate that Molina's profits amounted to 27 cents a share, falling short of the 36 cents predicted by analysts polled by FactSet Research.

Skyworks shares jump on results, forecast

(9:52 AM ET) SAN FRANCISCO (MarketWatch) -- Shares of Skyworks Solutions Inc.
SWKS, -1.13%
jumped more than 13% to $25.75 on Friday morning after the chip maker reported a strong gain in earnings for its third fiscal quarter and issued better-than-expected guidance for the current period. The company's products are used in smartphones, tablets and other wireless devices. Skyworks projected earnings of 53 cents a share on revenue of $400 million for the current quarter, which came in ahead of Wall Street's estimates of earnings at 50 cents a share on revenue of $370 million.

Coinstar shares drop on Redbox news

(9:47 AM ET) SAN FRANCISCO (MarketWatch) -- Shares of Coinstar
CSTR
fell more than 8% to $53.64 Friday morning. Late Thursday, the company announced that the president of its Redbox unit was resigning to pursue another opportunity. The company also pre-announced revenue for the June quarter that was below Wall Street's estimates. The stock had run up by nearly 25% in the previous month.

GE sees return to industrial profit growth in 2H

(8:57 AM ET) WASHINGTON (MarketWatch) -- General Electric Co.
GE, -0.08%
is saw "very strong" industrial-order growth in the second quarter, particularly for its energy-production equipment and services, Chairman and Chief Executive Jeff Immelt said Friday. That bodes well for the conglomerate's outlook, Immelt said on a call with analysts, adding he expects energy infrastructure profit growth to return in the second half of the year. However, the company's industrial profit growth outlook is unchanged, he said. Every business in GE's industrial segment saw double-digit percentage order growth in the recent quarter, with orders from China up 32% and Latin America up 45%, Immelt said. Shares of GE rose nearly 2% premarket to $19.49.

Schlumberger turns in 'nice' quarter: analyst

(8:38 AM ET) NEW YORK (MarketWatch) -- Schlumberger Ltd.'s
SLB, -0.84%
second-quarter revenue and earnings before interest and taxes beat estimates, Houston-based equity research firm Tudor Pickering Holt said in a note to clients on Friday. Summing up the performance from the oilfield services firm, analysts said Schlumberger turned in a "nice" quarter, with better-than-expected results in Latin America and the Middle East, but the results were offset by weaker-than-expected performance in Europe and Africa. Shares of Schlumberger rose 3% to $93.68 in pre-market trades.

Honeywell raises guidance; shares fall 1.7%

(8:34 AM ET) NEW YORK (MarketWatch) - Honeywell International Inc.
HON, -0.31%
on Friday reported second quarter earnings of $810 million, or $1.02 a share, compared to $566 million, or 73 cents a share in the year-ago period. Total revenue was $9.1 billion, 15% higher than the same period last year. Those figures exclude 2011 sales of $234 million as well as $235 million in 2010 from Consumer Products Group operations, now discontinued, Analysts surveyed by FactSet Research expected earnings of 98 cents a share, on revenue of $9.2 billion. Street estimates had included figures from the discontinued operations. The technology and manufacturing company raised its earnings guidance for 2011 to a range of $3.85 to $4.00 a share, compared to its earlier estimate of $3.80-$3.95 per share. Honeywell shares fell 2.1% in pre-market trading.

McDonald's 2nd-quarter net up 15%, revenue up 16%

(8:21 AM ET) NEW YORK (MarketWatch) -- McDonald's Corp.,
MCD, +0.70%
the Oak Brook, Ill., restaurant chain, reported second-quarter net income rose 15% on 16% higher revenue and 5.6% higher global comparable sales. Earnings reached $1.41 billion, or $1.35 a share, from $1.23 billion, or $1.13, in the year-earlier quarter. Revenue climbed to $6.91 billion from $5.95 billion. A survey of analysts by FactSet Research produced a consensus estimate of $1.28 a share of profit on $6.63 billion of revenue. Operating earnings rose 6% in the U.S., 24% in Europe and 34% in the Asia-Mideast-Africa region, the company said in a Friday statement. Europe's earnings were up 10% in constant currencies, led by strength in France, the U.K. and Russia. July comparable sales should rise 4% to 5%, MCD said.

Caterpillar profit up 44%, raises 2011 guidance

(8:07 AM ET) NEW YORK (MarketWatch) -- Caterpillar Inc.
CAT, +0.36%
on Friday reported fiscal second quarter earnings of $1.02 billion, $1.52 a share, compared $707 million, or $1.09 a share in the year ago period. Total revenue was $14.23 billion, 37% higher than the same period last year. On continuing basis, revenue excluding a $204 million expense related to the acquisition of Bucyrus, net income rose to $1.72 a share, up from $1.09 a share in second quarter last year. Analysts surveyed by FactSet research expected earnings of $1.74 a share, on revenue of $13.30 billion. Caterpillar raised its guidance for 2011 to revenues in the range of $54 to $56 billion and earnings per share of $6.75 to $7.25, excluding the impact of the Bucyrus acquisition. The Peoria, Ill.-based company previously expected revenues between $52 and $54 billion and earnings per share of $6.25 to $6.75. Shares of Caterpillar dropped 5.5% in pre-market trading.

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